A long-dated contract or instrument is one with a maturity longer than one year (or two years in some  cases). Examples are long-dated options, long-dated futures, long-dated swaps, long-dated gilt, long-dated debentures, etc. However, some instruments, like long-dated bonds, have to be paid back in a period of more than five years. Long-dated contracts are, generally, more sensitive to market volatility, and offer a more volatile return, than short-dated contracts.